Jiaxin Silk receives initial compensation payment

Zhejiang Jiaxin Silk Corporation (SZSE:002404) announced it received RMB 550 million as the initial compensation payment from Jiaxing South Lake Wintong New Rural Construction & Development Co., Ltd. The payment is part of a larger agreement signed on February 5, 2025, regarding the government's requisition of land, buildings, and facilities in the Caozhuang area of Jiaxing. The total compensation package amounts to RMB 916.0008 million. Jiaxin Silk estimates this asset disposal will boost the company’s 2025 profit by RMB 911.32 million and have a positive impact on the company's financial performance. The company will account for the compensation according to accounting standards, with the final impact to be confirmed by auditors. Jiaxin Silk has pledged to continue updating investors on the remaining compensation payments.